Business
OPEC Loses $1trn To Oil Price Fluctuation – Barkindo
The Secretary-General of the Organisation of Petroleum Exporting Countries (OPEC), Dr Mohammed Barkindo, on Monday disclosed that the organisation lost $1 trillion to dwindling oil prices.
Barkindo, who is in Nigeria on a four-day working visit, said this at a world news conference organised by the Minster of State for Petroleum, Dr Ibe Kachikwu.
According to him, the downturn, which lasted from 2014 to January 2016, meant that OPEC member countries could not earn about $1 trillion of oil revenue.
He said the industry further lost $1 trillion in terms of deferred projects and outright cancellation of projects across its entire value chain.
“We need consistent investments in order to maintain current production and take care of reserves and secure future supplies,” he said.
He said it was agreed that non-members of OPEC be invited to build a platform of 24 producing countries to agree on a joint supply agreement seeking to adjust about 1.8 million barrels a day.
“For the first time in history we were able to build a platform of 24 producing countries within six months in order to address the stock overhang which has been the variable to the supply equation that had sent this market off balance since 2014.
“Today, I can confidently report that those three historic events have altogether changed the energy landscape and turned a historic page in oil for good.
“We are on the course of pulling this industry out of the worst recession that we have entered to restore stability to the market on a sustainable basis that will allow investments to come back on a continuous basis,” he said.
He commended the government for staying afloat during the price-crash, calling the period “the worst energy circle in recent memory’’.
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As parts of efforts to promote self-reliance and job creation, the Nigerian Content Development and Monitoring Board, in collaboration with Jake Riley Academy, has trained 250 Lagos youths in different vocational skills.
The month-long intensive training programme aimed at equipping them with full range of skills was also designed to enable them become self-reliant and contribute meaningfully to the industrial development of the country.
The programme was conceived and conducted under the FAST Selling Skills Training Programme, to sharpen the skills of Nigerian youths and equip them with business starter packs that enable them launch out into commercial services.
Speaking at the event, the Director, Capacity Building, Directorate of the Board, Abayomi Bamidele, challenged Nigerian youths to embrace skills acquisition as a viable pathway to self-reliance and national development.
Bamidele, who was represented by the Supervisor, Marine Vessel Categorization and Technical Assistant to the Director, John Barigha, urged the graduands to take full advantage of the opportunity, stressing that their success would largely depend on how effectively they apply the skills acquired.
He cautioned the beneficiaries against trivialising the programme, noting that discipline, dedication and commitment would determine how far they progress in their chosen fields.
He also disclosed that the Board is concluding plans to introduce a new training programme targeted at youths aged 35 years and below, particularly those with engineering backgrounds, to enhance participation and create more opportunities within the oil and gas sector.
He urged beneficiaries to utilise their starter packs effectively, cautioning against selling the equipment provided.
“We are not giving you fish; we are teaching you how to fish.“What we have given you today is the net. It is now left for you to make meaningful use of it,” Bamidele said.
He stressed that the Board invested heavily to ensure the programme delivered lasting impact.
Also speaking, the Chief Executive Officer, Jake Riley Ltd, Mrs Funmi Ogbue, described the graduation as a defining moment for 250 young Nigerians.
Ogbue said the programme reflected NCDMB’s expanding role in local content development, with youth empowerment central to economic transformation.
She described the programme as a strategic investment in Nigeria’s future, noting that NCDMB continues to demonstrate that human capital development is central to national growth.
“Today celebrates not just achievement, but a national vision positioning young people as drivers of Nigeria’s economic future,” Ogbue said.
Ogbue described the initiative as a strategic human capital investment aligned with President Bola Tinubu’s inclusive growth agenda adding that the training prioritised market-ready skills capable of generating immediate income across growth sectors.
“What these graduands have received is not charity, but capability,” she said.
Ogbue noted that beneficiaries underwent transparent selection and intensive foundation training before advancing into seven specialised skill tracks of solar installation, fashion design, catering, digital freelancing, textile and Adire making, electrical installation and GSM phone repair.
“These skills were chosen to meet market demand and expand employment opportunities nationwide,” Ogbue added.
She commended NCDMB leadership, especially Director of Capacity Building, Bamidele Abayomi, for championing demand-driven training.
Ogbue also praised trainers, facilitators and Jake Riley Academy for blending technical excellence with entrepreneurship.
A beneficiary, Anuba Chidera, a solar installation trainee, described the training as life-changing with strong real-world focus.
Nigeria was the 7th country in 2024, which filed the most schenghen visa to France, with a total of 111,201 of schenghen visa applications made in 2025, out of which 55,833, about 50.2 percent submitted to France
Although 2025 data is unavailable, these figures from Schengen Visa Info implies that France is not merely a preferred destination, but has been a dominant access point for Nigerian short-stay travel into Europe.
France itself has received more than three million Schengen visa applications, making it the most sought-after Schengen destination globally and a leading gateway for long-haul and third-country travellers. It was the top destination for applicants from 51 countries that same year, including many without visa-exemption arrangements with the Schengen Zone, and the sole destination for applicants from seven countries.
Alison Reed, a senior analyst at the European Migration Observatory said, “France’s administrative reach shapes applicant strategy, but it also concentrates risk. If processing times lengthen or documentation standards tighten in Paris, the effects ripple quickly back to capitals such as Abuja.”
The figures underline that this pattern is not unique to Nigeria. In neighbouring West and Central African states such as Gabon, Benin, Togo and Madagascar, more than 90 per cent of Schengen visas were sought via French authorities in 2024, with Chad, Djibouti, the Central African Republic and Comoros submitting applications exclusively to France.
“France acts as the central enumeration point for many African and Asian applicants,” said Manish Khandelwal, founder of Travelobiz.com, which reported the consolidated statistics. “Historical ties, language networks and established diaspora communities all play into that concentration. But volume inevitably invites scrutiny, and that affects refusal rates and processing rigour.”
That scrutiny is visible in the rejection statistics. Of the more than three million French applications in 2024, approximately 481,139 were denied, a rejection rate of about 15.7 per cent. While this rate is lower than in some smaller Schengen states, the sheer volume of applications means France contributes significantly to the total number of refusals within the zone.
For Nigerian applicants and policymakers, one implication is the need to broaden engagement with other Schengen consular hubs. “Over-reliance on a single consulate creates what one might call administrative bottleneck effects,” said Jean-Luc Martin, a professor and expert in European integration and mobility law at Leiden University. “If applicants from Nigeria default to France without exploring legitimate alternatives in countries like Spain, Germany or the Netherlands, they expose themselves to systemic risk
Martin added that the broader context of Schengen visa policy is evolving, with the European Commission’s preparing roll-out of the European Travel Information and Authorisation System (ETIAS) aimed at harmonising pre-travel screening across member states.
For Nigerians seeking leisure, business or educational travel to Europe, these trends suggest that strategic planning and consular diversification could become as important as the completeness of documentation and financial proof. Governments and travel consultancies in Abuja, Lagos and beyond are already advising clients to explore alternative consular pathways and to prepare for more rigorous screening criteria across all Schengen states
By: Enoch Epelle
Prince Abiodun Ajibade Olaleye, a former Welfare Officer and Public Relations Officer of the National Association of Nigeria Travel Agencies (NANTA), has formally declared his intention to contest for the position of Vice President of NANTA Western Zone, ahead of the zonal elections scheduled for Thursday, February 26, 2026.
In a New Year message to members of the association, Olaleye expressed optimism about the prospects of the travel and tourism industry in 2026, despite the economic headwinds and migration policy challenges that affected operations in the previous year.
He acknowledged that reduced patronage and declining trade volumes had placed significant financial pressure on many travel agencies, but urged members to remain resilient and forward-looking.
According to him, the challenges confronting the industry should be seen as opportunities for growth, innovation and institutional strengthening.
He stressed the need for unity and collective action among members of the association, noting that collaboration remains critical to navigating the evolving global travel environment.
Unveiling his vision for the NANTA Western Zone, Olaleye said his aspiration is to consolidate on the achievements of past leaders while expanding the zone’s relevance, influence and impact “beyond imagination.” He promised a leadership focused on commanding excellence, improved member welfare and stronger stakeholder engagement.
Drawing from his experience in previous executive roles within NANTA, the vice-presidential aspirant said he is well-positioned to make meaningful contributions to the association, particularly in areas of member support, public engagement and institutional growth.
“I believe that together, we can take our association to greater heights and build a stronger, more prosperous NANTA Western Zone that benefits all members,” he said, while appealing to delegates for their support and votes.
Olaleye concluded by offering prayers for good health, peace and prosperity for members in 2026, expressing confidence that the new year would usher in renewed opportunities for the travel industry and the association at large.
By: Enoch Epelle
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